using the ROTH CAPITAL downgrade and EPS for end of 2009 of $1.38 , I am issuing a $13 price target for end of 2009 using EPS of 10 factor for APWR.  Given that APWR has never earned nor recognized a penny of profits or revenues from its up and coming wind power division, this $13 price target is conservative to say the least!!!  No factor is being given for China Government news about paying more for distributed power clean and green power stations which I see as boosting distributed power revenues for 2009 and beyond.  Sure, credit problems world wide will slow the addition of new business but the backlog of 800 million will balance out revenues and the addition of ANY WIND POWER revenues will add to the bottom and top lines!

09:38 APWR A-Power Energy estimates and target cut to $7 at Roth following site visit (5.00 -0.09)

Roth visited APWR’s Shenyang wind turbine facility today. Their observations support their cautious near-term outlook. They expect no wind segment revenue during 4Q08 and a slower ramp during FY09. Furthermore, observed temperatures in key DG locations support their contention that a substantial portion of the company’s backlog is suspended for winter and puts the company’s FY08 net income guidance of $35-45 mln at risk. They are lowering their ’08 and ’09 EPS estimates to $0.90 and $1.38 from $0.93 and $1.60 respectively ($1.01/$1.72 consensus) to reflect their updated outlook. They are are lowering their tgt to $7 from $10, reflecting their downwardly revised estimates and a slightly more conservative multiple.

Downside RISK is $4 and Upside Gains are $8, a better gain to loss basis ratio but investors need to stress the LONG TERM investment ideas to profits, dont trade for pennies, INVEST for Dollars!